MONTGOMERY, Alabama -- The Senate about 1 a.m. today gave final legislative approval to a plan that, if state voters agreed, would rewrite the state constitution to change rules under which a five-member commission led by the governor can sell bonds to borrow money for economic-development projects.

The Legislative Fiscal Office estimated the plan could let the commission borrow about an extra $127 million for economic incentives designed to help recruit companies to Alabama.

Under the proposed amendment, the value of refunding bonds sold to pay off higher-interest bonds would not count against the commission's borrowing cap of $750 million.

Money borrowed by the commission is repaid from a fund that gets some of the royalties paid the state by companies that pump natural gas offshore.

The Senate voted 33-2 for the plan, House Bill 12 by Rep. Jay Love, R-Montgomery, which the House of Representatives passed by a vote of 101-1 on Monday.